Why Sasol Stock Soared Nearly 10% Higher Today
An analyst at an American bank has become notably more bullish on the South African company's prospects.
Overview
South Africa-based chemical company Sasol (NYSE: SSL) experienced a significant leap in its U.S.-listed equity on Hump Day. Much of this was due to a recommendation upgrade from an analyst at a top bank; with this, Sasol's American Depositary Shares (ADSes) surged to close the day almost 10% higher.
Well before market open, Bank of America Securities prognosticator Sashank Lanka changed his rating on Sasol from neutral to buy. He also lifted his price target on the company's South Africa-listed shares to 270 rand ($18.86) from 200 rand ($12.49).
Details
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.